Note: The latest Staten Island Real Estate Report is available at: http://marketstatsreports.showingtime.com/NYSAR_0g228/NYSAR_SIBOR_2020-07.zip
FOR IMMEDIATE RELEASE: FRIDAY, AUG. 7, 2020
STATEN ISLAND, N.Y. – In reviewing Staten Island’s residential housing statistics for June last month, Sandy Krueger, CEO of the Staten Island Board of Realtors® (SIBOR), predicted the borough’s July results would “better reflect the pent-up demand that we see from both sellers and buyers.” Now that SIBOR’s July numbers are in, Krueger’s forecast has been proven accurate.
In July, New Listings for homes on Staten Island increased 43.7 percent to 917 as compared to the same month a year ago, and Pending Sales were up 38.8 percent to 537. However, with the borough’s Inventory levels still constrained, slipping 12.4 percent to 2,332 units as compared to July 2019, and Months Supply of Inventory sitting at 7.8 months, a competitive market for buyers shows little sign of waning.
“The COVID-19 lockdown has given homeowners and renters time to reevaluate what they value in both their home and overall quality of life. Changes to how we work, how we play and how we learn are making many people decide that this is the time to make a move,” CEO Krueger said. “Record-low interest rates are providing the added push, with Staten Island excellently positioned to match home buyers’ new objectives.”
The Island’s home prices in July were fairly stable, with the Median Sales Price unchanged at $549,000 and the average sales price for all closed sales (not accounting for seller concessions) down less than 1 percent to $593,075, as compared to the same period last year. The Days on Market statistic was up 21.8 percent to 119 days, however that reflects accumulated days on market impacted by a three-month COVID-19 shutdown.
Nationally, showing activity in July remained substantially higher than a year before and multiple-offer situations are a frequent experience in many markets, including Staten Island.
While the number of unemployment insurance weekly initial claims has been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in the same month a year ago.
Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home-purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.
About the Staten Island Board of REALTORS® (SIBOR)
Established in 1915, the Staten Island Board of REALTORS® (SIBOR) is the largest professional association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.
Comprised of more than 2,000 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 5,000 real estate transactions every year.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-928-3220 and viewed online at SIBORREALTORS.com. SIBOR may also be visited on Facebook at Staten Island Board of Realtors, on Twitter via @SIBOR, and on Instagram at SIBOR REALTORS (siborrealtors).
Media Contact: Barton Horowitz